The Address | Benghazi – Libya
TRIPOLI – Libya Audit Bureau, the highest financial regulatory authority in the country, has rejected the 2019 budget announced by the Tripoli-based Government of National Accord (GNA) last month.
The Audit Bureau said the legislative authority represented by the elected House of Representatives did not approve the budget according to the law and “lacked financial or economic reforms”.
In a letter to GNA Prime Minister Fayez Al-Sarraj, it said the new budget includes increased spending due to the establishment of new government departments, explaining that only the legislative authority approves the establishment of such departments in coordination with the Audit Bureau and the Central Bank of Libya.
The UN-backed GNA revealed earlier in March that it had agreed with the Central Bank of Libya and other actors on the 2019 budget of $33.83 billion after months of discussions.
Member of the Finance Committee of the High Council of State, Saeid Sharada, said the new budget is higher than last year’s budget by $4.8 billion due to increasing expenses, including government spenditure.